Japan, Israel Sign First R&D Agreement

The agreement will supply funding for projects carried out jointly by companies and research centers in both countries.

Japan and Israel signed a milestone Research and Development cooperation agreement.

The agreement was signed by the Japanese Minister of Economy, Trade and Industry, Toshimitsu Motegi and Israel’s Minister of Economy Naftali Bennett.

The agreement will reportedly supply funding for projects carried out jointly by companies and research centers in both countries. The Japanese Minister of Economy, Trade and Industry is heading a delegation of Japanese industrialists including top level representatives of Japanese industry as well as senior representatives of Japan’s Ministry of Economics, Trade and Industry, which oversees Japanese industry, industrial R&D, and cyber technology.

The delegation came to Israel following an invitation by Israeli Prime Minister Benjamin Netanyahu, whom Motegi met during Netanyahu’s recent visit to Japan.

"We continue our efforts to strengthen economic ties with the countries of East Asia, one manifestation of which is the agreement for parallel support of industrial R&D carried out jointly between Japan and Israel," Israeli Economy Minister Naftali Bennett was quoted as saying that, "This agreement represents a breakthrough achievement and a dramatic change in Japanese policy on economic relations with Israel."

Bennett also noted that the deal would pave the way for future projects and economic initiatives between Japan and Israel. Trade between the two countries declined in 2013 due to the significant devaluation of the Japanese yen, which depreciated 25 percent in just under a year. According to the report, Japanese business people are mainly looking into the fields of technology, defense and cyber security.